Environment Agency Pension Fund, Bristol, England, hired Robeco, Quoniam Asset Management, Pacific Investment Management Co., First State Investments and Generation Investment Management for several new allocations, according to Howard Pearce, head of environmental finance and pension fund management for the £2.1 billion ($3.1 billion) pension fund.
Robeco and Quoniam will equally split a £170 million low-volatility global equity strategy, while PIMCO was awarded a £100 million unconstrained global bonds allocation, Mr. Pearce said in an e-mail.
First State was hired to run a £55 million global emerging markets equity strategy, while Generation Investment was awarded a £15 million commitment to its sustainable global credit fund. Generation Investment manages an existing £140 million sustainable global equities portfolio for the agency.
The EAPF also added £50 million to an existing U.K. corporate bonds portfolio managed by Royal London Asset Management, and an additional £10 million was committed to a fund-of-funds private equity strategy managed by RobecoSAM.
Funding primarily came from terminating passive strategies in global equities, corporate bonds, government bonds and cash previously managed by Legal & General Investment Management. In addition, an active currency allocation previously managed by Informed Portfolio Management also was terminated to help fund the strategies. The reason for the terminations was a change in investment strategy.
Mercer and bfinance advised.